Core Viewpoint - The approval of the controlled-release formulation of Carbidopa-Levodopa by the National Medical Products Administration enhances the company's product pipeline in the Parkinson's disease treatment sector, particularly with the introduction of a first generic version in the domestic market [1] Group 1: Product Approval - The company received two drug registration certificates for Carbidopa-Levodopa controlled-release tablets [1] - The specifications for the approved products include Carbidopa 50mg and Levodopa 200mg, and Carbidopa 25mg and Levodopa 100mg [1] - The latter specification is the first generic version in China, as the original product has not been registered for sale domestically [1] Group 2: Market Impact - The approval enriches the company's offerings in the Parkinson's disease treatment market, providing a significant opportunity in a niche segment [1] - The controlled-release formulation is recognized as the "gold standard" for treating Parkinson's disease according to the "Chinese Parkinson's Disease Treatment Guidelines (2020 Edition)" [1] - The availability of the smaller dosage form improves medication convenience for patients with mild symptoms [1]

精华制药11月11日公告，公司收到国家药品监督管理局核准签发的卡左双多巴缓释片的两个《药品注册 证书》。卡左双多巴缓释片（规格：卡比多巴50mg、左旋多巴200mg）为国内第三家获批企业，卡左 双多巴缓释片（规格：卡比多巴25mg、左旋多巴100mg）则为国内首仿且该规格原研产品没有在国内 进行注册销售。该产品丰富了公司在帕金森病治疗领域的产品管线，为公司在这一细分市场领域赢得了 更多商机。但药品的生产和销售可能受到市场环境变化等综合因素影响，销售情况存在一定的不确定 性。 ...

公司卡左双多巴缓释片(规格：卡比多巴50mg、左旋多巴200mg)为国内第三家获批企业，卡左双多巴缓 释片(规格：卡比多巴25mg、左旋多巴100mg)则为国内首仿且该规格原研产品没有在国内进行注册销 售。 卡左双多巴缓释片的获批，丰富了公司在帕金森病治疗领域的产品管线，特别是其小规格产品成为国内 首仿，为公司在这一细分市场领域赢得了更多商机。卡左双多巴缓释片是左旋多巴与卡比多巴按4:1比 例组成的复方缓释制剂，被《中国帕金森病治疗指南(2020年版)》列为治疗帕金森病的"金标准"。公司 卡左双多巴缓释片的成功获批，为帕金森病患者提供了比较好的原研替代产品，其中小规格的获批，为 轻症患者的服药带来了便利性。 智通财经APP讯，精华制药(002349.SZ)发布公告，近日，公司收到国家药品监督管理局核准签发的卡左 双多巴缓释片的两个《药品注册证书》。 ...

Group 1 - Nearly 10 million people globally suffer from Parkinson's disease, a neurodegenerative disorder characterized by the gradual death of dopamine-producing cells in the brain, leading to symptoms such as tremors, muscle stiffness, slowed movements, and balance issues [1] - Each Parkinson's patient incurs approximately $10,000 annually in direct and indirect medical costs for treatment, which remains limited and lacks a cure [2] - The scientific community has been exploring the causes of Parkinson's disease for decades, aiming to improve symptoms and potentially predict onset, with some experimental therapies showing promise in reversing symptoms [3] Group 2 - According to predictions from the British Medical Journal, the number of global Parkinson's cases could exceed 25 million by 2050, representing a 112% increase from 2021 [4] - Research led by Professor Kay Double from the University of Sydney has identified a mutated protein, SOD1, in Parkinson's patients that loses its protective function and accumulates in the brain, causing neuronal damage [5][6] - A drug named CuATSM, designed to deliver copper directly to brain tissue, is being evaluated for its efficacy in potentially reversing Parkinson's symptoms by restoring the function of the SOD1 protein [6][7] Group 3 - In a two-phase experiment, the first phase determined the optimal dosage of CuATSM, with a dosage of 15 mg per kg of body weight found to effectively increase copper levels in the brain [7] - The second phase involved genetically modified mice with Parkinson's-like symptoms, where those treated with CuATSM showed no decline in motor skills, while the placebo group did, indicating a restoration of SOD1 function and protection of dopamine neurons [8][10] - The black substance in the brain is crucial for motor control, coordination, learning, and certain cognitive functions [9] Group 4 - Research from Stanford University suggests that inhibiting the overactive LRRK2 enzyme, associated with a genetic mutation in some Parkinson's patients, may stabilize the condition, particularly in early-stage patients [11] - Approximately 25% of Parkinson's cases are attributed to genetic factors, with LRRK2 mutations being the most common [11] - Initial experiments with a compound called MLi-2 aimed at reducing LRRK2 enzyme activity did not show significant changes, but extending the treatment period to three months resulted in restored communication between dopamine neurons and the striatum [12][14] Group 5 - The restoration of primary cilia in neurons and glial cells in genetically modified mice indicated potential for repairing damaged neural circuits in Parkinson's disease [14] - The MLi-2 therapy shows great potential in repairing Parkinson's-related neural circuit activity, with ongoing clinical trials for LRRK2 inhibitors expected to translate findings from mice to human applications [14][15] - Identifying early symptoms of Parkinson's is crucial for maximizing the effectiveness of the therapy, as symptoms may appear up to fifteen years before characteristic tremors [14]

Summary of Supernus Pharmaceuticals (SUPN) Conference Call Company Overview - Supernus Pharmaceuticals is a CNS-focused biopharmaceutical company with approximately eight products on the market, including legacy products and significant growth drivers [3][4] - The company reported profitable revenues around $600 million, despite the loss of exclusivity on flagship products [5] Key Products and Financials - **KELBRII**: A novel ADHD treatment launched in May 2021, currently generating a run rate of approximately $260 million. The product has significant growth potential with a large market of 100 million prescriptions annually [4][7][8] - **ONAPCO**: A recently launched infusion device for Parkinson's, with over 200 prescribers and 500 patient enrollment forms submitted within a month of launch. The peak sales potential is estimated between $200 million to $300 million [27][31][34] - Revenue expectations for 2025 are projected between $600 million and $630 million, with 2025 potentially being a trough year due to the full-year impact of generic competition for Oxtellar XR [6][7] Growth Drivers - The growth of KELBRII, GOCOVRI, and ONAPCO are expected to offset revenue losses from other products [6] - The company anticipates continued volume growth in prescriptions, with a historical growth rate of over 20% for KELBRII [10][11] Market Dynamics and Competition - The ADHD market is characterized by competition, but the company believes that competition can be beneficial for market growth [25][26] - Potential competitors for KELBRII include Osuka and Axsome, but the company remains optimistic about its long-term growth trajectory [22][23] Pipeline Developments - **SPN-820**: A novel mTORC inhibitor for major depressive disorder (MDD) is set to enter a Phase 2b study, with hopes of demonstrating a clinically meaningful reduction in depression scores [42][49] - **SPN-817**: An acetylcholinesterase inhibitor for epilepsy, with Phase 2 data expected by the end of 2027. The drug shows promise in reducing seizures while potentially improving cognitive function [57][61] Business Development Strategy - The company is actively pursuing business development opportunities, focusing on commercial assets and products that can be launched between 2026 and 2030 [68][69] - Supernus has a clean balance sheet with zero debt, providing financial flexibility for potential acquisitions [69] Conclusion - Supernus Pharmaceuticals is positioned for growth with a strong product portfolio and pipeline, despite facing challenges from generic competition and market dynamics. The company is committed to exploring business development opportunities to enhance its product offerings and maintain its competitive edge in the CNS market [70]